Efforts to increase access to power infrastructure in Africa have received a boost following a $350-million financing agreement between industrial and finance heavyweights General Electric (GE) and Standard Bank, which will aim to provide affordable access to power infrastructure that augments traditional large-scale grid capacity development.

The partnership, which would initially target South Africa, Nigeria, Angola, Tanzania, Ghana, Kenya, Mozambique, Uganda, Ethiopia and South Sudan, would allow independent power producers, non-recourse infrastructure projects, manufacturers, natural resource companies, small- to medium-sized enterprises, and other potential borrowers to access project, equipment and trade finance as well as advisory services.

“This comes at the right time, as efforts are under way in South Africa and across the continent to increase access to electricity to stimulate economic growth and improve living conditions,’’ said GE South Africa president and CEO Tim Schweikert.

“Initiatives of this nature are in line with efforts by governments to find solutions to meet the growing demand for alternative fuels.”

The initiative, which supported South Africa’s National Development Plan, aimed to develop an energy industry by 2030 that promoted economic growth and development through adequate investment in energy infrastructure.

It targeted increased social equity through expanded access to energy services and promoted environmental sustainability through efforts to reduce pollution and mitigate the effects of climate change.

Moreover, GE’s collaboration with Standard Bank was in line with the country-to-company agreements that GE had signed with several African governments aimed at generating incremental power and increasing access.

“Financing [through the initiative] will also be available for off-grid solutions across sub-Saharan Africa that rely on fuels such as biomass and biogas,” added Standard Bank Nigeria subsidiary Stanbic IBTC Holdings CEO Sola David-Borha.